High demand for electronics could outpace domestic production; imports to touch $300 bn by 2020
The Dollar Business Bureau A report by Assocham-NEC today predicted that a high demand for electronics could overtake domestic production, leading to an import of electronic items of $300 bn by 2020. The report said that the demand for electronics products in India could grow by a CAGR of 41% to reach $400 bn by 2020, while domestic production presently is growing at a CAGR of 27%. There is a gap in the demand in imports amounting to nearly $300 bn the study said. India has a burgeoning middle class population with an increasing disposable income, unsatiated appetite for electronics and consumer durable goods like televisions, mobile phones, computers- and this is likely to grow with every passing year. The government needs to turn ...
Union Budget largely met the expectations of ESDM sector'
The Union Budget has largely met the expectations of the Electronics Systems Design and Manufacturing (ESDM) sector with number of changes in Indirect tax structure to strengthen manufacturing of IT hardware and mobile phones, says ELCINA Sai Nikesh | The Dollar Business Introduction of Special Additional Duty (SAD) on populated PCBs for a variety of equipment is another key step that would boost Electronic Manufacturing Services (EMS) activity and drive up the demand for components Aimed at improving electronics and related manufacturing activity in the country, the Government in its Budget 2016-17 has eased Basic Customs Duty (BCD) on majority of hardware equipment through incentivization of domestic value addition under the Make in India move. These include equipment related to manufacture of ...
Foxconn to invest $5 bn in Maharashtra; gets 1,500 acres for plant
Source: PTI Global electronic manufacturing giant Foxconn on Saturday announced it will invest $5 billion over the next five years in Maharashtra, which has given the Taiwan-based company 1,500 acres of land for its plant. Foxconn Chairman Terry Gou said the facility in Maharashtra will focus on research and development as well as manufacturing, and the company has chosen the state for being a financial centre, availability of quality talent and software-hardware integration facilities. Foxconn will look for tie-ups with local partners for its presence in this state, Gou said, while adding that this MoU with the Maharashtra government was different from the already announced JV with the Adani group. At an event organised to announce the investment and a Memorandum ...
Twenty-two SEZ projects cancelled for no progress; 27 get more time
The Dollar Business Bureau The government has cancelled 22 projects for the setting up of special economic zones (SEZs) related to IT and engineering sectors. The projects, including 11 SEZs proposed in the national capital region (NCR), that were cancelled because their developers failed to make “satisfactory” progress. The decision to cancel these SEZs was taken after Commerce Secretary Rajiv Kher held a review meeting with the Board of Approval (BoA) on May 19. “The Board noted that the progress made by the developer is not satisfactory. The Board, after deliberations, decided to cancel the formal approval/notification, as the case may be, in these 22 cases,” said a statement released by Commerce Ministry. The board has also asked the developers to ...
